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US, Partners Opt to Set Fixed Crude Price For Russia Oil Cap

  • Price to get periodic reviews, could be changed by coalition
  • Push to enact cap as part of EU sanctions taking effect Dec. 5

The US and its partners have agreed to set a price cap on Russian crude oil at a fixed level, rather than a floating one that moves with benchmark crude prices, officials familiar with the matter said.

It is not yet clear at what level the price will be set, but it will be a fixed number and not a discount relative to Brent, coalition officials familiar with the matter said, speaking on condition of anonymity on Thursday.